Binance Chain Surpasses Ethereum on This Metric
The number of unique addresses on the BNB blockchain has grown to such an extent that the network now surpasses the second largest cryptocurrency by market capitalization, Ethereum (ETH).
In an announcement shared by the developers of BNB Chain, they claim that because of this increase, they are “the largest Layer 1 blockchain network in the world”. Data from BNB Chain’s blockchain tracker shows that the network has over 230 million unique addresses, surpassing the 217 million unique addresses seen on the Ethereum blockchain.
BNB Chain has made significant strides in onboarding the next billion users into #Web3 in 2022. 🎉
We want to thank our incredible community for coming along for the ride as we lay the groundwork for an even bigger year to come. 🚀
— BNB Chain (@BNBCHAIN) December 22, 2022
Bitcoin’s network is still the largest layer one (L1) blockchain in the world, with over 1 billion unique addresses. However, the growth of the BNB chain has been significant as it has surpassed Ethereum, which has a much larger and more developed ecosystem.
BNB Chain’s developers highlighted a number of other statistics about the network, including that it reached an upper limit of 9.8 million transactions per day in May and that it managed to reach 2.2 million active users per day in October. Daily active users on the network are defined as unique addresses interacting with smart contracts per day.
The network’s growth has been driven by a number of factors, including the introduction of sidechains to further support resource-intensive applications, among other performance improvements. The project team also noted that it has funded builders on the network with grants and created a $10 million incentive program for decentralized app developers who have attracted more users through their creations.
Additionally, the network launched Avenger DAO, an API that alerts BNB Chain users when they interact with contracts that have been flagged as malicious.
Binance Chain’s native token, BNB, is regularly burned by leading cryptocurrency exchange Binance. The token was originally sold in an initial coin offering (ICO) to fund Binance’s development, and as mentioned in its white paper, Binance will use its proceeds to burn tokens until the supply in circulation drops to 100 million.
In October, Binance announced that in its last quarterly BNB token burn it destroyed more than 2 million tokens, which at the time were worth more than $575 million.
According to Binance’s announcement, a total of 2,065,152.42 BNB were burned in the latest quarterly burn, with a total of 4,833.25 tokens coming from the exchange’s Pioneer Burn Program.